EQS-News
Gedeon Richter becomes strategic investor of Formycon via equity investment
- Gedeon Richter becomes strategic investor of Formycon via equity investment
- Investment of EUR 82.84 million to support Formycon's development and progress
- Transaction enables collaboration in development, manufacturing, and commercial value streams
EQS-News: Formycon AG / Key word(s): Capital Increase Press Release // January 29, 2024 |
Gedeon Richter becomes strategic investor of Formycon via equity investment
- Already established trustful collaboration in contract development and manufacturing results in investment through takeover of 9.08% of shares via cash capital increase
- Gross-proceeds in the amount of EUR 82.84 million to maintain Formycon’s high development pace and operational progress
- Transaction opens up possibility of jointly leveraging long-term strategic opportunities across development, manufacturing and commercial value streams
Munich, Germany/Budapest, Hungary – Formycon AG (FWB: FYB) (“Formycon”) today announced that Hungary based specialty pharmaceutical company Gedeon Richter Plc. (“Gedeon Richter“) becomes strategic investor via cash capital increase from authorized capital in the amount of 9.08% of Formycon’s share capital.
Both companies are convinced of the huge potential of biosimilars and share the strategic proximity as well as the respective expertise in their fields of activity.
The clear focus of Formycon as a leading dedicated and independent developer of biosimilars and the operating radius of Gedeon Richter as a major multinational company with core competences in research and manufacturing, combine complementary strengths under the same vision as both companies are highly driven to improve patient’s access to important biologic therapies.
Based on the resolutions of Formycon’s Management Board and Supervisory Board, Gedeon Richter subscribed a cash capital increase of 9.08% in a private placement. The Company’s registered share capital will be increased by partially utilizing the authorized capital from currently EUR 16,053,025.00 by EUR 1,603,877.00 to EUR 17,656,902.00 by issuing 1,603,877 new no par-value bearer shares, each with a nominal value of EUR 1.00 of the share capital, against cash contribution. The placement price per new share is EUR 51.65 and represents the mean average value between today’s XETRA closing price and the volume-weighted average price of the shares over the last thirty trading days. Shareholders’ subscription rights for the new shares were excluded in accordance with § 4 (3) of the Articles of Association. Gedeon Richter will be subject to a customary lock-up obligation of 180 days.